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How the car buying process has changed in 2023 Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive financial calculators and tools as well as publishing independent and objective content, by enabling you to conduct your own research and compare information for free – so that you can make sound financial decisions. Bankrate has agreements with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site come from companies that compensate us. This compensation could affect how and where products appear on this site, including the order in which they may be listed within the categories of listing and other categories, unless prohibited by law for our mortgage home equity, mortgage and other home lending products. But this compensation does have no impact on the information we publish, or the reviews that you see on this site. We do not include the entire universe of businesses or financial offers that may be accessible to you.
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5 min read Read Published January 26, 2023
Authored by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the details of using loans to buy an automobile.
Editor: Helen Wilbers Edited by
Helen Wilbers has been editing for Bankrate since late 2022. He believes in transparent reporting that allows readers to easily land deals and make the best choices for their finances. He is a specialist in small and auto loans.
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The purchase of a car is the second largest purchase that people make during their lives. It is typically a unpleasant experience that was accompanied by and on the lot of the dealership. But following the new normal the pandemic brought, many dealers are taking on the challenge of making it easier to purchase experience. The car buying process in 2023 can be a challenge due to and supply chain problems that keep prices high. As consumers, it is crucial to utilize the changing purchasing process of cars for your benefit. Take note of the ways car buying may look different over the coming year to both the driver or the buyer. What can you expect when buying a car this year As we get closer to 2023, it’s difficult to ignore news of a looming recession. Economic experts believe that the economy has 64 percent chance of experiencing a recession in the coming year, according to. Although the likelihood of a recession is not directly related to a buyer’s experience on the car lot, the high cost of a car outside the dealership could mean more discomfort when you purchase your next car. The month of December saw yet another record-high average transaction price for new vehicles, $49,507, according to . But the future is not all gloom and doom since dealers have gotten a glimpse of the challenging macro-environmental trends. Bankrate spoke to Dave Thomas, director of content marketing and an automotive market analyst for CDK Global, for insight on upcoming trends this year. Vehicle price remains paramount If you’re looking to buy a car in the coming year, then you — like 47 percent of buyers according to the — might consider price to be your primary focus. While the time commitment to purchase a car is an important consideration for the remaining 50% of respondents the most significant factor is price. This year could be more of a roller coaster for drivers, says Thomas. “For consumers, the primary concern will be about those interest rates and finding the best one for your budget” he explains. This “could create more difficult than it has been with the lower inventory.” When you shop, consider you should consider a variety of financing options to make sure you are getting the most affordable bargain, even if it comes with higher prices and interest rates. Tips from Bankrate
When , consider the whole of what you will have to pay — more than just your monthly cost.
Low inventory persists When most consumers set out to a dealership, they have some idea of the type of vehicle they are interested in buying. However, many buyers have discovered lots empty of the cars they’d like to purchase. In the CDK’s six-month period , “the number of shoppers finding the vehicle they are looking for in stock has not broken 50 percent,” says Thomas. In addition, inventory is down compared to 2019. While conditions are improving, the supply is still below demand as per J.D. Power. The lack of inventory has also caused an increase in drivers skipping the dealership altogether. “Some brands are seeing inventories returning, but almost all are unique in how many vehicles are available,” Thomas says. This “led to an increase in people buying cars from the manufacturer, with the entire process handled by the dealership.” There are more options for buying online are growing. The standard car buying experience hasn’t had a major makeover in many years and people have grown accustomed to the drawn-out process of buying a new or used vehicle from a dealer. The shift to the purchase of cars online isn’t an entirely new concept. Lots of local dealers have offered online marketplaces for buyers to peruse options prior to visiting the dealership. But the online car shopping experience has become much more in-depth recently. The break many drivers had to take from the buying process due to the cost can also mean that they require more information when they shop. While online shopping is on the rise, Thomas explains that “76 percent of those we surveyed said they wanted to take their time to understand all of the options available,” which is up from 70 percent in 2021 in accordance with the report for 2023 . If you’re one of the drivers that stuck to the sidelines over the past year due to steep prices, take comfort in the flexibility offered by this model. Dealerships will remain in operation. traditional dealerships aren’t likely to disappear anytime soon, but it has seen shifts in its operations following the outbreak. Many motorists are benefiting from online shopping, especially when local dealerships are empty areas. Even so 91% of consumers still took the traditional route to purchase a car over the past year, as reported by the survey by CDK. In addition, 9 percent of those who did complete their car buying process fully online didn’t rate their experience highly. In this light, it is wise not to ignore the personal experience you can get. But many dealerships are offering customers the most beneficial of worlds approach, with the option to start online and finish in the store. Thomas explained the switch. Many of the automakers that have been around for decades are “streamlining the online process and attempting to make the change from making part of the transaction online a seamless one in the showroom.” Drivers are benefiting from the ability to crunch the numbers from the comfort of home but still get behind-the-wheel experience prior to signing the papers. 4 ways to use the internet to your advantage Online car buying is still relatively new, and it requires a bit of learning. While some advice falls in line with conventional car buying, consider these suggestions when you’re not on the showroom floor. 1. Research In person or not conducting research to discover the most relevant information is the first step to buying a car. Consider what factors are most important to you such as the size of the vehicle and its fuel efficiency, or the design and color. While you might not be able to tour the car you’ve purchased in person, YouTube car tours are a great resource to see the specifics a vehicle has to offer. 2. Set a budget After you determine the type of vehicle that you want, it is crucial to determine how much you’re willing to spend and . This requires more effort, but it’s easier without a salesperson pressuring you. Make the most of your time at there at home and take into account all contributing factors, such as your salary or salary, your fuel costs, insurance, and additional vehicle costs. 3. Find local inventory Another benefit when shopping for your car online is the possibility to look up local inventory prior to visiting the store in person. It can be done in a few ways. Check out the local dealers — search such as “Toyotas available close to me” or look up websites such as Edmunds or TrueCar. This will also aid in understanding the pricing landscape for your dream car. 4. Chat online with salespeople Negotiation can be one of the most stressful aspects of buying a car, but when you’re sitting behind a computer screen, it is much easier to haggle for the price you’re worthy of. The majority of online marketplaces you will encounter will offer chat options. Make use of it as a place to ask the right questions. Be firm, and provide information in your research of local inventory to determine competing prices. The bottom line is that the experience of buying a car has changed both for the dealer and buyers over the last few due to a combination of factors: Global pandemics and inflation, supply chain issues and the rapid growth of technological. But it is important to keep in mind that a change in the industry is underway and is providing increased accessibility and transparency to the buyer. Even though it’s unlikely that car lots are going to disappear entirely, you should consider purchasing online and saving both time and money.
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Writen by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the ins and outs of securely borrowing money to purchase a car.
Edited by Helen Wilbers Edited by
Helen Wilbers has been editing for Bankrate since late 2022. He values clear reporting that helps readers confidently land deals and make the best choices for their financial situation. He specializes in small business and auto loans.
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